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The following are the summarized Balance Sheets of M Ltd. and N Ltd : M Ltd. N Ltd. M Ltd. N Ltd. Rs. Rs. Rs. Rs. Share Capital 32,000 28,000 Sundry Assets 42,000 33,000 Profit and Loss A/c 5,000 - Shares in N Ltd. 20,000 Creditors 15,000 6,000 Profit and Loss A/c - 1,000 Loan-H Ltd. 10,000 - 62,000 34,000 62,000 34,000 The whole of the shares of M Ltd. are held by H Ltd. and the entire share capital of N Ltd. is held by M Ltd. A new company MN Ltd., is formed to acquire the sundry assets and creditors of M Ltd. and N Ltd. For this purpose, the sundry assets of M Ltd. are revalued at Rs. 30,000 and those of N Ltd. at Rs. 20,000. The amount of the loan due to H Ltd. is also to be discharged by way of shares in the new company. Show the journal entries necessary to close the books of N Ltd.
Green Co. constructed a machine at a total cost of $70 million. Construction was completed at the end of 2007 and the machine was placed in service at the beginning of 2008. The machine was being depreciated over a 10-year life using the sum-of-th..
a company is planning to introduce a new portable tv to its existing product line. management must decide whether to
Compute the fixed overhead variance. (Indicate the effect of variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Input the amount as positive value. Do not round your intermediate calculati..
The capital accounts of Hope and Indiana have balances of $115,000 and $95,000, respectively. Clint and Casey are to be admitted to the partnership.
corporate ethics and fraud have received much media attention through reporting of scandals at major corporations.
If the company were to prorate the variances, how much ($) of the direct material usage variance would be allocated to finished goods inventory?
in industries that process joint products the costs of the raw materials inputs and the sales values of intermediate
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010. Preparation of a pension worksheet is not required. Benefits paid in 2010 were $35,000.
Chris Spear invested $16,420 today in a fund that earns 12% compounded annually. To what amount will the investment grow in 3 years? To what amount would the investment grow in 3 years if the fund earns 12% annual interest compounded semiannually..
Intermediate Accounting Questions, Please provide thorough explanations and full calculations for each answer chosen. What is the meaning of the term market when one is valuing the raw materials inventory at lower-of-cost-and-market?
Innovative Furnishing Solutions (IFS) a division of Steelman Corporation: Asset turnover Profit margin, Target rate of return on investments for RI, Cost of capital and other operational data, to compute the segment margin and the average assets f..
The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31. Interest on notes payable of $400 is accrued.
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